The cornerstone of financial reporting is that a singular set of standards must be followed to gauge businesses located across the globe properly. Because of the development of a truly global economy, there continues to be a move towards the development and adoption of International Financial Reporting Standards ("IFRS") worldwide.
Although there have been some delays in the United States to converge US GAAP to IFRS, many companies have already adopted these standards for foreign statutory requirements, consolidation into foreign parent and subsidiaries, and for mergers and acquisitions. KLiCHS has experience in auditing IFRS statements as well as preparing IFRS statements and reporting packages from GAAP financial statements used in the parent reporting.
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